India is better placed than several Asian economies, including China, to weather the US Section 301 tariffs, with a lower tariff burden and some of its key export items to the US—such as smartphones, petroleum products and pharmaceuticals outside the levy, the Reserve Bank of India’s (RBI) staff said in its August Bulletin. The US Section 301 tariffs, which came into effect on July 24, have levied an additional 10% duty on imports from India. “However, India’s major export commodities to the US, such as smartphones, petroleum products and pharmaceuticals, remain outside its purview.